Economic Update February 2013
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  Running Time: 7:50 Date: 01/02/2013 Economic forecasts are not just global guesswork - you can get real value by applying them to your own business conditions. Our resident economist Professor Neville Norman of Melbourne University has been comparing his forecasts for 2013 and the financial year 2013-14 to those of his professional colleagues, as set out in the annual Fairfax Newspapers survey. He finds that he's more optimistic than others about the growth of GDP in the year ahead - his expectation of 3.9% leading the field. He also sees interest rates starting to rise again near year's end, after some more falls before that. His advice to business people: look at conditions in your own business area and industry as you apply the forecasts. Develop the most likely scenario from all the factors available to you. But also set out realistic plans allowing for both better and worse performance. That way, you won't be caught out by changing situations. Topics: Economy, Financial Management, Management |
 Professor Neville Norman, Melbourne University |